Cryptocurrency payments have crossed the Metaverse and touched down in the Philipp Plein universe this month, as Philipp Plein International has become the “first” major fashion group to accept cryptocurrency as an official payment option.
In partnership with cryptocurrency payment platform, Coinify, owned by Voyager Digital, the German luxury group is now accepting 15 crypto coin types in exchange for its high-end fashion, footwear and accessories, including Bitcoin and Ethereum.
Even smaller crypto coins are being accepted, via the likes of BNB Mainnet, Dogecoin, Litecoin, Nano, OmiseGo, Paxos Standard Token, Qtum and Tron.
“Being among the most progressive and disruptive fashion brands is nothing new for Philipp Plein,” said Philipp Plein, the founder and designer of his namesake label, which operates out of Switzerland.
“I believe that cryptocurrencies are the future and my team, and I have made a major commitment in time and resources, performing all necessary system modifications in order to adopt this new type of currency. I am very pleased to be able to offer to our customers this additional payment tool and the flexibility associated with it”.
Philipp Plein International includes Philipp Plein, as well as its fashion subsidiaries Plein Sport and Billionaire.
The group is no stranger to technology, having been one of the first in the luxury fashion industry to debut an e-commerce site, seeing the importance of keeping up with digitalisation to be successful as a contemporary brand and global retailer.
Philipp Plein’s crypto payments come on the back of crypto adoption at luxury watchmakers Hublot and Franck Muller in the last six months.
While crypto payment acceptancy remains relatively low in luxury and fashion in 2021 compared to traditional payment methods, historic fashion brands like Burberry and luxury luggage maker Rimowa are starting to release collectible NFTs, as part of their own respective collections for consumers wanting to cash in on luxury digital items and tokens, either as investments or as an opportunity to own a one-of-kind luxury piece.
Philipp Plein is accepting cryptocurrency payments at both its physical stores and online globally.